Xiana Mining will acquire Glencore's Minera Altos De Punitaqui copper mine in Peru for $25 million, after sealing a financing package with Swiss trading firm Bluequest.
Vancouver-headquartered Xiana agreed to buy the mine after signing terms in May, when London Metal Exchange three-month copper prices rose above $7,000 per tonne. But a combination of trade-war fears and diminishing mine supply risk has led to a 12% drop since the start of June, with the price now at...